NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

O Canada! Regulating Bitcoin at the National Level

newsbtc
newsbtc
4 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Canada has taken an ambitious step by implementing a national law that would regulate bitcoin at the national level. People in community have debated whether these types of regulation are needed at the moment because Bitcoin is still such an infant technology. From the looks of it, the implementation of this bill may have come too soon and will definetely affect Bitcoin business in Canada.

Christine Duhaime of Duhaime law reviews the amendments Bill C-31 and how it amends Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

  • Regulates Bitcoin as MSB – Bitcoin dealing, more specifically referred to as “dealing in virtual currencies” in Bill C-31, will be subject to the record keeping, verification procedures, suspicious transaction reporting and registration requirements under the PCMLTFA as a money services business.
  • Does not define “dealing in virtual currencies” – The phrase “dealing in virtual currencies” was left undefined and it is not known what the defined term will encompass in terms of business activities once defined by regulation.
  • Registration with FINTRAC – Bitcoin dealers will be required to register with FINTRAC and if successfully registered, to implement a complete anti-money laundering compliance regime.
  • Captures foreign Bitcoin companies targeting Canada – Bill C-31 is more sweeping than other Canadian laws because it extends to: (a) companies that have a place of business in Canada; and (b) companies that have a place of business outside Canada but who direct services at persons or entities in Canada. Coinbase, for example, will have to register with FINTRAC to continue to provide Bitcoin services in Canada. Having a place of business means physically located in Canada, or having a R&R in Canada. Bitcoin businesses in Canada, however, that provide services to persons or entities outside of Canada are exempt from Bill C-31 for those external services.
  • Prohibits banks from opening accounts for Bitcoin entities if unregistered – Under Bill C-31, banks will be prohibited from opening and maintaining correspondent banking relationships with Bitcoin dealers that are not registered with FINTRAC. This is an extremely important aspect of Bill C-31 and Bitcoin businesses should ensure they understand what a correspondent banking relationship is and how it can affect the provisions of banking services to them internationally. Wegelin & Co., the richest and oldest bank in Switzerland shut down last year because it obtained numerous legal opinions on its banking operations but failed to obtain any specialized advice on the international application of anti-money laundering laws and it was prosecuted in the US for facilitating tax evasion. The hook was its correspondent banking relationships.

What you should take notice of is how companies incorporated in other countries will still have to register with FINTRAC to continue to provide Bitcoin services. This just creates more bureaucratic red tape that businesses will have to deal with. Setting up Bitcoin businesses will become even more cost prohibitive as those businesses will have to hire a ton compliance officers and lawyers.

How this will effect the further development of the Bitcoin community in the country should be seen in the coming months.

[textmarker color=”C24000″]Source[/textmarker] CA Parliament, Duhaime Law

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Comments 4

  1. Erik says:
    11 years ago

    They leave Canadian’s little other choice than to go dark on crypto all together.

    Reply
  2. Bitedge says:
    11 years ago

    This has already caused the closure of Just Dice http://bitcoin-betting-guide.com/james-cannings-blog/just-dice-closes-due-to-canadian-bitcoin-regulations/ a great bitcoin service that govcoin could not compeat with.

    Reply
  3. fuckucad says:
    11 years ago

    yea fuck u law makers.. this is retarted.. .now canadians in tech sector can not compete u fucking idiots.

    Reply
  4. Cyberdexter says:
    11 years ago

    Regulation isn’t necessarily a bad thing, if done right. As long as the way coins are generated and distributed remains the same let the regulators bring it on. It’s all about maintaining the decentralization with or without regulation.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 4

  1. Erik says:
    11 years ago

    They leave Canadian’s little other choice than to go dark on crypto all together.

    Reply
  2. Bitedge says:
    11 years ago

    This has already caused the closure of Just Dice http://bitcoin-betting-guide.com/james-cannings-blog/just-dice-closes-due-to-canadian-bitcoin-regulations/ a great bitcoin service that govcoin could not compeat with.

    Reply
  3. fuckucad says:
    11 years ago

    yea fuck u law makers.. this is retarted.. .now canadians in tech sector can not compete u fucking idiots.

    Reply
  4. Cyberdexter says:
    11 years ago

    Regulation isn’t necessarily a bad thing, if done right. As long as the way coins are generated and distributed remains the same let the regulators bring it on. It’s all about maintaining the decentralization with or without regulation.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Dogecoin price news

Dogecoin On Edge — 2.5 Days Remain To Lock In Breakout Springboard

Dogecoin is pressing a make-or-break weekly level as price retests the mid-$0.27s “springboard” highlighted by popular trader Rekt Capital, while...

Jake Simmons 41 minutes ago
bitcoin-hyper-100000-injectes-en-3-jours-whales

100 000 $ injectés en 3 jours : les whales misent gros sur Bitcoin Hyper ($HYPER)

Bitcoin Hyper, la nouvelle solution L2 bâtie pour le réseau Bitcoin, capte un intérêt inhabituel. Entre une prévente qui enfle...

evanss 55 minutes ago
Bitcoin’s 25% Shot at $125K This Month Sends Traders Flocking to Bitcoin Hyper Presale

Bitcoin’s 25% Shot at $125K This Month Sends Traders Flocking to Bitcoin Hyper Presale

Polymarket bettors have predicted a 25% chance for Bitcoin ($BTC) to rise above $125K this month. It’s currently down to...

Aaron Walker 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

suncar crypto

Η SunCar επενδύει έως 10 εκατ. δολάρια σε κρυπτονομίσματα

Ιωάννης Ριζόπουλος 18 minutes ago
Bitcoin’s Big Flip: More Stable Than the Nasdaq 100 as Best Altcoin Bitcoin Hyper ($HYPER) Benefits

Bitcoin’s Big Flip: More Stable Than the Nasdaq 100 as Best Altcoin Bitcoin Hyper ($HYPER) Benefits

Aaron Walker 28 minutes ago
Bitcoin koers $118K en ATH in zicht - bulls kopen massaal in voor mega doorbraak

Bitcoin koers $118K en ATH in zicht – bulls kopen massaal in voor mega doorbraak

Lars Diederiksen 31 minutes ago

Premium Sponsors

Press Releases

  • dogecoin memecore

    Tại sao Dogecoin, MemeCore và Maxi Doge có thể là...

    35 minutes ago
  • Dự Đoán Giá Pepe

    Pepecoin tăng 20% | Điều gì đứng sau xu hướng...

    40 minutes ago
  • top 3 crypto

    XRP dự đoán đạt 30 USD, Solana có thể chạm...

    44 minutes ago
  • Bitcoin ponovno na 117.000 USD nakon smanjenja kamatnih stopa – Otvaraju li se vrata za kupnje dok Bitcoin Hyper ICO prelazi 16,5 milijuna USD

    Bitcoin ponovno na 117.000 USD nakon smanjenja kamatnih...

    55 minutes ago
  • 4 token, amelyek hatalmas növekedésre készülnek, hogy felülmúlják a Shiba Inu-t (SHIB) a következő bull runban

    4 token, amelyek hatalmas növekedésre készülnek, hogy...

    3 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.